In a large saucepan, combine sugar and light corn syrup over medium heat. Stir constantly until the mixture comes to a rolling boil, about 2-3 minutes. Remove from heat.

Immediately stir in the creamy peanut butter until fully combined with the sugar mixture, creating a smooth and creamy base.

Add the crisp rice cereal into the peanut butter mixture and mix well until every piece of cereal is evenly coated.

Press the mixture evenly into a greased 13x9-inch pan using a greased spatula or your hands.

In a microwave-safe bowl, combine the butterscotch chips and shortening. Microwave in short intervals, stirring in between, until smooth and glossy.

Once melted, pour the butterscotch mixture over the cereal base in the pan and spread it evenly.

Refrigerate the pan for at least one hour to allow the Chocolate Scotcheroos to set properly.

Once set, cut the mixture into squares or rectangles for serving.

Serve chilled or at room temperature. Store in an airtight container.